Cross-Sell Offer Calculation for the 12M Client Base
An effective cross-selling strategy is crucial for any bank, as it helps retain clients by offering them diversified services. Selling a new product to an existing customer is easier and more resource-efficient than new client acquisition.
This is why modern banks strive to automate and optimize their cross-selling toolkit to derive more revenue from their existing customer base.
The ProcessMIX team was contacted by a bank with a request to optimize its cross-sell and additional loan issuance workflow. The optimized workflow should cover one-fourth of the bank’s existing customer base every quarter. The original cross-sell and loan-offering workflow involved the following steps:
This workflow was executed with the help of a string of SQL scripts coupled with manual data retrieval from external data sources. The entire process of cross-selling offer preparation took 21 days due to manual operations involved in every stage. The SQL script development and maintenance were the responsibility of one IT officer, creating delays and bottlenecks in various workflow phases.
The ProcessMIX staff applied the branded visual tools to implement automated calculation logic, rules, and overall workflow integration with cross-sell calculation data sources. As a result of these steps, the workflow became fully automated:
- The bank’s CRM system invokes ProcessMix to calculate limits for the formed batch of customers.
- The ProcessMIX Strategy tool is used to perform data checks and enrichment, as well as limit calculation for each selected batch.
- Queries to paid external data sources are made only for clients who successfully passed the previous check stage, reducing the check’s costs by 30%.
ProcessMIX in Action
ProcessMIX software is specifically meant for banking process automation and optimization, with one of our core features including the loan application decision-related solutions. The low-code BRMS feature allows tailoring the credit decisioning workflows to any financial institution’s chosen parameters and steps.
Simple initial coding and fine-tuning create a fully automated, precise workflow that operates without human intervention and produces personalized cross-sell and loan offers based on inside-out customer data analysis. Banks can set up automated loan decision-making systems with state-of-the-art creditworthiness estimation parameters:
- Hard and soft eligibility rules for different customer categories.
- Credibility estimation of loan applications.
- Smart underwriting recommendations at all levels of decision-making.
- Online and batch decisioning engines.
- Rigorous anti-fraud rule configuration.
These handy features are easy to configure in a user-friendly UI, allowing a banking institution to set a fully automated decision strategy for loan disbursement without IT department’s involvement.
The ProcessMIX team’s collaboration with the client on cross-sell workflow automation lasted for 3 months and resulted in numerous process gains and optimizations. Due to the unique ProcessMIX functionality, the bank witnessed the following improvements:
- End-to-end clients’ eligibility check and cross-sell offer calculation was reduced from 21 days to 2 days. ProcessMIX features cut the processing time by one-third, taking off a considerable burden from its resources.
- The cross-sell calculation became limited only by the capacity of the credit bureau, without reliance on the IT department’s limited human resource availability.
- The Risk Department received full control and oversight of the cross-sell strategy and calculations workflows, removing the cross-departmental friction and bottlenecks from the process.
- The cross-sell offer calculation and eligibility check costs reduced by 30%, optimizing the bank’s cross-sell resource expenditures.